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In a recently released report on a survey conducted by Fiserv, 2017 Expectations & Experiences: Consumer Payments, it was found that a majority of consumers (59%) have paid bills online in the past 30 days. Interestingly, half of the consumers (53%) agree they like being connected to the internet at all times, but 53% say they strongly distrust internet security.
This raises the point that although people recognize the convenience of paying bills online, they are cautious about or unsure of the security measures that are implemented behind the payments. This uncertainty about security comes as no surprise given the almost daily news of private data being stolen. As pointed out in the Fiserv survey, this uncertainty also extended to those who do not use mobile banking. The survey found that security remains the top concern for 57% of non-mobile banking users. On the other side of the coin, mail was viewed as a more secure way of receiving bills than any other method by 52% of consumers while websites were so viewed by only 33%.
Another major finding of the survey is that nearly half (46%) of consumers said that they were confused about the various products and services available. This suggests an opportunity for financial institutions to educate their consumers on products and services they offer and create custom packages tailored to their needs.
Moving forward, as digital becomes ever more important in the payments space, financial institutions need to continuously build security into all of their platforms as well as continuously educate their customers not only about the products and services they offer but also about the security measures being built into the platforms.
The full report is available here
